1/23 - Principles of Microeconomics Lecture Notes
1/23 - Principles of Microeconomics Lecture Notes ECON:1100:0AAA
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This 3 page One Day of Notes was uploaded by Kelsy Lartius on Tuesday February 3, 2015. The One Day of Notes belongs to ECON:1100:0AAA at University of Iowa taught by Stacey Brook in Spring2015. Since its upload, it has received 95 views. For similar materials see Principles of Microeconomics in Economcs at University of Iowa.
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Date Created: 02/03/15
Principles of Microeconomics Lecture Notes 123 Lecture Notes capital resources 2 all of the tools used to produce the good or service not money Production Possibilities Frontier PPF 6quot all corn 0 soybeans corn a soybeans 0 corn J H soybeans corn L PPF W M opportunity costs this scenario is not realistic but we assume in order to simplify it soybeans Implications or Conclusions 1 scarcity 2 choice 3 opportunity costs 4 increasing opportunity costs 1 scarcity PPF 2 Choice PPF be ond the line corn is got ossible com can produce SB soybeans l3 A and CB corn can39t produce A but may be able to CB a B consume 39 I 39 soybeans SB soybeans 3 opportunity cost of making a choice corn To produce more corn point C the opportunity cost is the decrease in the amount of soybeans that is possible to produce SB Sc SC SB soybeans 4 increasing opportunity cost P corn 1 By reducmg corn production by equal amounts results in smaller increases in soybean production SE SD gt SF SE 4 ITI q Relaxing the assumption of fixed technologyresources IPTechnology Ag prod corn w Tcorn 4 soybeans increased technology soybeans T Technology for only corn corn seeds corn Increased tech for corn only soybeans Relaxing the assumption that resources are produced efficiently ie inefficient production ef ciency 2 on the line opp cost of inefficiency com I scarcity 2 beyond the line 1 w 0939 39 CG G39 inefficiency under the line 39 or 39 2 only soybeans SGquot Se 3 some combo Cam CG Sew Se
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